SEC WARNS COUNTRY CLUB, GOLF SHARE BUYERS
Manila, Oct. 25, 1997 - The Securities and Exchange Commission is warning the public against buying golf and country club shares that are being sold without the commission's prior approval.
SEC Money market Operations Department director Linda Saoang said "The securities should not be sold or offered for sale to the public and no offer to buy he securities can be accepted and no part of the purchase price can be received until the registration statement has become effective."
She added that an broker or dealer found selling these securities faces penalties and sanctions from the SEC.
The SEC was directing its clarification to: Mondragon Leisure and Resort Corp., Hutchinson and Co., Evercrest Cebu Golf and Country Club, Summit Point Golf and Country Club and the Country Club Inc.
Mondragon is seeking authority from the SEC to sell 1,000 additional non-proprietary golf rights of mimosa Golf and Country Club while Hutchinson is intending to offer 500 Royal Golf Beach Club time shares or Vacation Club ownership.
Evercrest wants to sell 3,000 membership certificates while the Summit Point and The Country Club are proposing to sell 4,000 non-proprietary club shares and 177 unclassified common shares.
The following have pending applications with the SEC: Vacation Club Philippines, Rockwell Land Corp., Laguna de Boracay Village Inc., Fontana Resort and Country Club Inc., Fantasy World Theme Parks and the Amusement and Recreation Club Inc.
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